First Time Home Buyer Loan

First Time Homebuyer Loan

The first step is to fill out the inquiry form and one of our loan officers will call you right away to see which loans you are eligible for. You can buy an existing home, have a new home built or even buy a foreclosed property.

By starting the application process for the loan with us, you know what programs you qualify for. Next, you start looking for a home.Meet with a REALTOR® or you can search online. We will be glad to refer one to you. Once you find the home we process and close the loan.

Today there are many homebuyers who do not have enough money on hand to make a large down payment for a home. The good news is that there are several options in finding low or no money down home loans programs. Below are some of the Loan Options available.

The Federal Housing Administration (FHA) is now insuring loans with much smaller down payments. Private insurers have also reduced requirements for down payment.

The United States Department of Agriculture (USDA) and the Veterans Affairs (VA) offer no down payment loans that have a guarantee on home loans which require no down payment at all.

FHA low down payment for First Time Home Buyer

FHA provides low down payment and closing costs with easy credit requirements. A lot of people really like this option when compared with the USDA because the USDA is limited to rural areas only. With the FHA you can buy a home in urban or rural areas so there are a lot more options available when looking for a home.

USDA

With USDA home loans, a family is allowed to purchase a home without a down payment. The USDA loan program has lenient eligibility requirements which allow a borrower to retain a secure mortgage. In addition, there is no loan limit set. Property must be in an eligible area for the USDA Loan Program.

VA Loan

VA Loan in OklahomaThe Department of Veterans Affairs (VA) guarantees VA loans to eligible veterans, surviving spouses, and active military persons. Many VA loans do not require any money down. Closing costs may be paid by seller or covered by a gift funds. There is no private mortgage insurance necessary.

Low or No Money Down Programs:

Down Payment Assistance

The program offered by Texas State Affordable Housing Corporation (TSAHC),provides access to fixed-rate mortgage financing, down payment assistance grants and mortgage credit certificates for teachers, police officers, corrections officers, fire fighters, EMS personnel, veterans and low and moderate-income households. TSAHC partners with nonprofit local organizations for housing in redeveloping properties for affordable housing.
USDA Loan in Oklahoma

TSAHC’s Mortgage Credit Certificate (MCC) Program is available to teachers, fire fighters, peace officers, veterans, and low and moderate-income homebuyers. A dollar for dollar savings of up to $2,000 every year as a special tax credit for borrowers. It will save the homebuyer thousands of dollars over the life of the loan. Created exclusively for first-time homebuyers or individuals who have not owned a home in the last three years. MCC can be used with TSAHC down payment assistance program